Dell Technologies said net revenue for Q3 and the 9 months of Fiscal 2026 increased 11% and 12%, respectively. Operating income for the same periods increased 23% to $2.1 billion and 24% to $5.1 billion, respectively.

10-QQuarterly reportFiled Dec 9, 2025Period of report Oct 31, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Dell Technologies said net revenue for Q3 and the 9 months of Fiscal 2026 increased 11% and 12%, respectively. Operating income for the same periods increased 23% to $2.1 billion and 24% to $5.1 billion, respectively.
The company said gross margin for Q3 of Fiscal 2026 increased 4% to $5.6 billion, but gross margin percentage declined 130 basis points to 20.7%. It cited a shift in mix towards AI-optimized server offerings as the factor for the decline.
The company said total operating expenses for Q3 and the 9 months of Fiscal 2026 both decreased 5%, citing a decline in SG&A expenses as the primary factor. Net income for Q3 increased 32% to $1.5 billion and for the 9 months increased 21% to $3.7 billion during the same periods.
The company said cash provided by operating activities for the 9 months of Fiscal 2026 was $6.5 billion, and debt principal as of October 31, 2025 increased $6.7 billion to $31.5 billion. It cited an increase in net debt from the issuance of Senior Notes as the factor for the debt increase.

Key figures

Quarter ended October 31, 2025

Revenue: $27.0B
Operating income: $2.1B
Net income: $1.5B
EPS: $2.28
Gross profit: $5.6B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Quarterly and 9-Month Net Revenue and Operating Income Growth

Dell Technologies said net revenue for Q3 and the 9 months of Fiscal 2026 increased 11% and 12%, respectively. Operating income for the same periods increased 23% to $2.1 billion and 24% to $5.1 billion, respectively.

Source · Based on the MD&A text of the filing

AI-Optimized Server Mix and Gross Margin Percentage Change

The company said gross margin for Q3 of Fiscal 2026 increased 4% to $5.6 billion, but gross margin percentage declined 130 basis points to 20.7%. It cited a shift in mix towards AI-optimized server offerings as the factor for the decline.

Source · Based on the MD&A text of the filing

Operating Expense Decline and Net Income Growth

The company said total operating expenses for Q3 and the 9 months of Fiscal 2026 both decreased 5%, citing a decline in SG&A expenses as the primary factor. Net income for Q3 increased 32% to $1.5 billion and for the 9 months increased 21% to $3.7 billion during the same periods.

Source · Based on the MD&A text of the filing

9-Month Operating Cash Flow and Debt Increase

The company said cash provided by operating activities for the 9 months of Fiscal 2026 was $6.5 billion, and debt principal as of October 31, 2025 increased $6.7 billion to $31.5 billion. It cited an increase in net debt from the issuance of Senior Notes as the factor for the debt increase.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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